US options clearinghouse CEO to retire after year in top spot

The chief executive of the clearinghouse for all US stock options will retire from the company at the end of the year after one year in the role, the company said on Friday. Chicago-based OCC, formerly known as the Options Clearing Corp, did not immediately say why CEO Michael Cahill, 56, is retiring or what his plans are. He has worked at the clearinghouse for 32 years and was promoted to CEO from president, chief operating officer and treasurer on January 1.

The clearinghouse came under regulatory scrutiny last year when the US Securities and Exchange Commission criticised regulatory compliance, governance and risk management at the company, according to media reports. OCC's board of directors has started the process of searching for a new CEO, according to a statement. Executive Chairman Craig Donohue, 52, a former chief of exchange-operator CME Group Inc will oversee a transition of Cahill's responsibilities to other OCC executives during the search, the statement said.